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Mississippi residents tend to pay lower taxes than most states in the nation. For example, the state's top personal income tax rate of 5% is 18th lowest among all states that collect individual income taxes. Mississippi collects a yearly average of $470 per person in state and local income taxes combined, which ranks 11th lowest nationwide.
Property taxes in Mississippi average $856 per person, 10th lowest in the United States. And, Mississippi residents pay the lowest average amount of federal income taxes at $7,402, more than $4,000 less than the national average.
However, with the fourth lowest median household income in the nation ($40,850) and a 12% decline in that median income in recent years, many individuals in Mississippi are struggling to meet their financial obligations, including tax debt.
Despite having a lower tax obligation, Mississippi residents are not immune to owing money to local, state and federal tax entities. Planning ahead and saving for April 15th every year is difficult for many of those that live paycheck-to-paycheck. Making car payments, purchasing groceries and taking care of medical needs often trump putting money into a savings account for Uncle Sam. Also, changes in financial circumstances - retirement, disability, and so forth - can push individuals into higher tax brackets and create a nasty surprise when it comes time to file tax returns.
Tax relief has become a focus for many residents of Mississippi as an approach to managing overwhelming financial struggles. These struggles can leave people facing seizure of assets or garnishment of wages in order to pay off taxes owed to federal and local tax authorities. Tax relief companies' work with clients to create effective solutions to tax problems and can even significantly reduce their tax debt. A range of strategies can be employed by experts in tax relief, such as setting up IRS payment plans, audit representation and reconsideration, and negotiating penalty abatement.
Tax Relief In The News
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Published: Sun, 22 Jul 2018 03:21:00 GMT
Theatre benefitted from £77 million of tax relief in 2017//18, up from £44 million the year before - a 75% increase. Official statistics released by the government show that there were 910 claims made ...
Published: Fri, 20 Jul 2018 07:49:00 GMT
India on Saturday scrapped a controversial tax on sanitary pads, a move hailed by campaigners who say it will help more girls to go to school during their periods and boost their job prospects. "I thi...
Published: Sun, 22 Jul 2018 01:52:00 GMT
LEVITTOWN >> State Rep. Tina Davis on July 17 announced legislation that would direct the proceeds of sports betting to property tax relief in Pennsylvania. "Far too many homeowners across Pennsylvani...
Published: Sat, 21 Jul 2018 13:26:00 GMT
DETROIT, MI - Detroit is taking steps to ensure more low-income homeowners can stay in their homes by inviting them to apply for tax relief and allowing people to buy back houses in foreclosure. As of ...
Published: Tue, 10 Jul 2018 18:54:00 GMT
Abode Communities Under the Rent Relief Act, a refundable tax credit would be available to those who make less than $100,000 a year and spend at least 30 percent of their income on rent, including uti...
Published: Fri, 20 Jul 2018 12:13:00 GMT
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